India’s Titan Company will acquire a 67% stake in Dubai-based jeweller Damas from Qatar’s Mannai Corporation at an enterprise value of Dh1.04 billion ($283.2 million), the company said in a stock exchange filing on Monday. The transaction is expected to close by January 31, 2026.
Titan, part of the Tata Group, said it will also have the right to acquire the remaining 33% of Damas after December 31, 2029. The deal gives Titan access to Damas’ 146 retail stores across the Gulf Cooperation Council region, including the UAE, Saudi Arabia, Qatar, Oman, Kuwait and Bahrain.
Titan entered the UAE in 2020 through its Tanishq brand and currently operates seven stores in the country. The acquisition will significantly expand its footprint in the Gulf, a region that hosts one of the world’s largest Indian expatriate populations and where gold jewellery remains a key consumer segment.
Damas was previously listed on Nasdaq Dubai and was acquired in 2012 by Mannai Corporation and Egypt’s EFG Hermes in a $445 million deal. Mannai took full ownership in 2014 after buying out EFG Hermes’ 19% stake. The proceeds from the Damas sale will be used to support Mannai’s core operations in trade and IT services and to reduce group debt, according to CEO Alekh Grewal.
Standard Chartered acted as Titan’s financial advisor. The transaction positions Titan to compete more directly with other Indian jewellers operating in the Gulf, including Malabar Gold & Diamonds, Kalyan Jewellers and Joyalukkas.
